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Advantex Announces Fiscal 2019 Third Quarter Results


News provided by

Advantex Marketing International Inc.

May 30, 2019, 18:19 ET

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TORONTO, May 30, 2019 /CNW/ - Advantex Marketing International Inc. (CSE: ADX), a specialist in working capital and loyalty marketing products for merchants, announced its results for the three and nine months ended March  31, 2019.

Highlights of financial results.


3 Months Ended March 31


9 Months Ended March 31


2019


2018


2019


2018


$


$


$


$

Revenues

$

1,387,652


$

1,652,757


$

5,046,639


$

5,637,092


Direct expenses - Cost of cardholder rewards and marketing
merchants to cardholders

319,066


431,618


1,060,689


1,458,466


Direct expenses - Expense for provision against delinquent
accounts

75,630


56,316


154,580


236,372

Gross profit

$

992,956


$

1,164,823


$

3,831,370


$

3,942,254


Selling and General & Administrative

899,104


881,057


2,906,194


3,131,374

Earnings from operations before depreciation, amortization
and interest

$

93,852


$

283,766


$

925,176


$

810,880


Cash interest on loan payable and debentures

317,143


267,381


892,515


909,791

Earnings (loss) from operations before depreciation,
amortization, non-cash interest on debentures (accretion
charges) and restructuring bonus 

$

(223,291)


$

16,385


$

32,661


$

(98,911)


Depreciation and amortization

6,830


8,503


19,796


25,640


Non-cash interest expense (accretion charges) and
restructuring bonus related to debentures

136,754


131,955


409,315


138,757

(Loss) and Comprehensive (loss) before non-recurring item

$

(366,875)


$

(124,073)


$

(396,450)


$

(263,308)


Gain on debt restructuring

$

-


$

-


$

-


$

1,795,103

Net profit/(loss) and Comprehensive profit/(loss)

$

(366,875)


$

(124,073)


$

(396,450)


$

1,531,795

The above tabulation is a non-GAAP presentation and is provided to assist readers in understanding Advantex's financial performance. The information is extracted from consolidated financial statements for the three and nine months ended March 31, 2019.

About Advantex:

Advantex provides working capital to merchants. Advantex also provides specialized marketing programs that enable members of affinity groups to earn frequent-flyer miles and other loyalty rewards through purchases at participating merchants.

Advantex shares trade on the Canadian Securities Exchange under the symbol ADX. For more information go to Advantex's profile on www.sedar.com

Advantex Marketing International Inc.
Consolidated Statements of Financial Position (unaudited)
(expressed in Canadian dollars)


Note

At March 31, 2019


At June 30, 2018



$


$

Assets





Current assets





Cash and cash equivalents


$

122,298


$

635,836

Accounts receivable


275,699


112,322

Transaction credits 

5

9,303,565


5,592,426

Prepaid expenses and sundry assets


60,206


79,349



$

9,761,768


$

6,419,933

Non-current assets





Property, plant and equipment


$

26,982


$

43,969



$

26,982


$

43,969






Total assets


$

9,788,750


$

6,463,902






Liabilities





Current liabilities





Loan payable 

6

$

8,096,307


$

4,427,390

Accounts payable and accrued liabilities


$

2,486,784


$

2,843,718



$

10,583,091


$

7,271,108

Non-current liabilities





9% Non-convertibles debentures payable

7

$

4,957,266


$

4,547,951



$

4,957,266


$

4,547,951

Shareholders' deficiency





Share capital 

8

$

24,530,555


$

24,530,555

Contributed surplus


4,090,382


4,090,382

Accumulated other comprehensive loss


(47,383)


(47,383)

Deficit


(34,325,161)


(33,928,711)

Total deficiency


$

(5,751,607)


$

(5,355,157)






Total liabilities and deficiency


$

9,788,750


$

6,463,902

Economic/Financial dependence and Going Concern (note 2), Commitments and contingencies (note 11)


The accompanying notes are an integral part of these consolidated financial statements


Approved by the Board


Director: Signed

"William Polley"

Director: Signed

"Kelly Ambrose"


 William Polley


 Kelly Ambrose

Advantex Marketing International Inc.
Consolidated Statements of Profit/(Loss) and Comprehensive Profit/(Loss) (unaudited)
For the three and nine months ended March 31, 2019 and 2018
(expressed in Canadian dollars)


Note

Three months ended March 31


Nine months ended March 31



2019


2018


2019


2018



$


$


$


$










Revenues

14

$

1,387,652


$

1,652,757


$

5,046,639


$

5,637,092

Direct expenses

13/14

394,696


487,934


1,215,269


1,694,838



992,956


1,164,823


3,831,370


3,942,254

Operating expenses









Selling and marketing

13/14

320,156


400,171


1,175,620


1,323,033

General and administrative

13/14

578,948


480,886


1,730,574


1,808,341

Earnings from operations before depreciation,
amortization and interest


$

93,852


$

283,766


$

925,176


$

810,880










Interest expense:









Stated interest expense - loan payable, and debentures

6/7

317,143


267,381


892,515


909,791

Non-cash interest expense (accretion charges) and restructuring bonus related to debentures

7

136,754


131,955


409,315


138,757



(360,045)


(115,570)


(376,654)


(237,668)

Depreciation of property, plant and equipment, and
amortization of intangible assets


6,830


8,503


19,796


25,640

(Loss) and comprehensive (loss) before non-recurring item


$

(366,875)


$

(124,073)


$

(396,450)


$

(263,308)

Gain on debt restructuring

7

$

-


$

-


$

-


$

1,795,103

Net profit/(loss) and comprehensive profit/(loss) 


$

(366,875)


$

(124,073)


$

(396,450)


$

1,531,795










Profit/(Loss) per share









Basic and Diluted

12

$

(0.00)


$

(0.00)


$

(0.00)


$

0.00










The accompanying notes are an integral part of these consolidated financial statements

Advantex Marketing International Inc.
Consolidated Statements of Changes in Shareholders' Deficiency (unaudited)
For the three and nine months ended March 31, 2019 and 2018
(expressed in Canadian dollars)


Class A
preference
shares


Common
shares


Contributed
surplus


Accumulated
other comprehen -
sive loss


Deficit


Total


$


$


$


$


$


$














Balance - July 1, 2017

$

3,815


$

24,526,740


$

4,090,382


$

(47,383)


$

(35,153,009)


$

(6,579,455)

Net profit/(loss) and
comprehensive profit/(loss) 


-


-


-


-


1,531,795


1,531,795

Balance - March 31, 2018

$

3,815


$

24,526,740


$

4,090,382


$

(47,383)


$

(33,621,214)


$

(5,047,660)



























Balance - July 1, 2018

$

3,815


$

24,526,740


$

4,090,382


$

(47,383)


$

(33,928,711)


$

(5,355,157)

Net profit/(loss) and
comprehensive profit/(loss) 


-


-


-


-


(396,450)


(396,450)

Balance - March 31, 2019

$

3,815


$

24,526,740


$

4,090,382


$

(47,383)


$

(34,325,161)


$

(5,751,607)

The accompanying notes are an integral part of these consolidated financial statements

Advantex Marketing International Inc.
Consolidated Statements of Cash Flow (unaudited)
For the three and nine months ended March 31, 2019 and 2018
(expressed in Canadian dollars)


Note

At March 31, 2019


At March 31, 2018



$


$






Operational activities





Net profit/(loss) for the period


$

(396,450)


$

1,531,795

Adjustments for:





Depreciation of property, plant and equipment, and amortization of intangible assets


19,796


25,640

Accretion charge for debentures

7

222,932


70,734

Restructuring bonus for debentures

7

186,383


68,023

Non-cash portion of gain on debt restructuring


-


(1,283,611)



32,661


412,581

Changes in items of working capital





Accounts receivable


(163,377)


(12,216)

Transaction credits 


(3,711,139)


(466,685)

Inventory


-


16,978

Prepaid expenses and sundry assets


19,143


(408)

Accounts payable and accrued liabilities


(356,934)


(630,833)



(4,212,307)


(1,093,164)

Net cash provided by (used in) operating activities


$

(4,179,646)


$

(680,583)






Investing activities





Purchase of Property, plant & equipment


$

(2,809)


$

(2,344)

Net cash (used in) investing activities


$

(2,809)


$

(2,344)






Financing activities





Proceeds - 9% Non-convertible debentures payable

7

$

-


$

400,000

Proceeds -  Loan payable

6

3,668,917


260,198

Net cash generated from / (used in) financing activities


$

3,668,917


$

660,198






(Decrease) in cash and cash equivalents during the period


$

(513,538)


$

(22,729)

Cash and cash equivalents at beginning of period


635,836


367,357

Cash and cash equivalents at end of period


$

122,298


$

344,628






Additional information





Interest paid 


$

766,969


$

474,097

For purposes of the cash flow statement, cash comprises 





Cash


$

122,298


$

344,628






The accompanying notes are an integral part of these consolidated financial statements

SOURCE Advantex Marketing International Inc.

Mukesh Sabharwal, Vice-President and Chief Financial Officer, Tel: 905-470-9558 ext. 249, Email: [email protected]

Related Links

http://www.advantex.com

Modal title

Organization Profile

Advantex Marketing International Inc.

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